If the deal materializes, the company behind USDT could stand shoulder-to-shoulder with the likes of SpaceX and OpenAI, rewriting expectations for what a crypto-native firm can be worth.

The talks, revealed by Bloomberg and attributed to anonymous insiders, suggest Tether is seeking $15–20 billion in fresh capital in exchange for about 3% of the company. That figure would imply a valuation of roughly $500 billion. Advisers caution, however, that the final numbers may fall short of the lofty targets under discussion.

The move comes at a time when Tether’s dominance is difficult to ignore. With a circulating supply of $172 billion, its flagship stablecoin towers over competitors. Circle, the closest rival with its USDC token, maintains $74 billion in circulation and a market valuation of only $30 billion following its recent public listing.

Tether’s profitability has become a talking point across the industry. The company disclosed $4.9 billion in net profit for the second quarter alone, underscoring why investors see its balance sheet as one of the strongest in crypto. Those profits stem largely from interest income on the reserves backing its tokens, a model that has turned stablecoins from a simple payments solution into one of the industry’s most lucrative businesses.

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Adding another layer of intrigue, Cantor Fitzgerald is said to be guiding the discussions. The Wall Street firm reportedly acquired a 5% stake in Tether last year—valued at about $600 million at the time. If the new valuation sticks, that position could soar to $25 billion, highlighting the scale of Tether’s growth.

The company, headquartered in El Salvador, has also been expanding its reach beyond global markets. It recently established a dedicated U.S. arm to launch a dollar-pegged stablecoin tailored for American use. Despite these ambitions, its newly appointed U.S. chief Bo Hines insisted earlier this month that Tether had “no plans to raise money,” a statement now seemingly contradicted by the reported fundraising.

For Tether, securing a valuation of $500 billion would not only mark one of the largest private financings ever but also cement its reputation as a financial behemoth, surpassing many traditional firms in size. Whether the market has the appetite to back such a bold move remains the central question.

Source: Bloomberg

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